Report and
Financial
Statements
Year ended 31 March 2023
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CA)NIP*NIES HOUSE
Looking
forward
ageuK
for Larnbeth
Age UK Lambeth
Company No. 03252067
Registered Charity No. 1063497

Contents
Page
About Age UK Lambeth
Trustees, Officers and Professional Advisors
Annual Report of the Trustees
Report of the Independent Auditors
11
Statement of Financial Activities
16
ststement of Financlal Position
17
Cash Flow Statement
18
Notes to the Accounts
19

About Age UK Lambeth
For over 70 years, Age UK Lambeth has provided services that support the most vulnerable
and isolated people in Lambeth. As a charity, we work our partners and service users on
the co-development and delivery of services ensuring that they meet their needs.
During 2022123 the impact of the Cost of Living Crisis continued the high demand for our
services that we had experienced during the Covid-19 pandemic. During the financial year,
our services supported 52,369 residents and recruited 88 new volunteers. at the end of the
year our team consisted of 266 volunteers.
Adaptlng to change...
With the diminishing impact of the COVID-19 pandemic, our communities faced a new
challenge with a fall in 'real' disposabte income. the cost of living crisis. The knowledge and
trust of AUKL built during Ihe pandemic resulled in residents tuming to us for support. Our
services have adapted to this change with Mysoaal providing a wami hub in Vidas. our
Linkworkers and Neighbourhood Teams supporting clients wilh their benefits daims, and our
Gateway team continues to cope with unprecedented demand.
The flexibilty of our staff and volunteer team is a ¢yedit to every member. Despite the huge
demands on them they remain focussed on supporting our vulnerable and socially isolated
residents during these tough times.
Office accommodation...
In September AUKL moved our main office from 336 Brixton Road (our home for many
years) to temporary accommodation in Intemational House. An empty untt on Acre Lane was
identified as a pemianent location, negotiations with Ihe landlord were successful and we
expect to be operating from the site in January 2024.
Future development...
During 23124 we will be working on our new five-year strategy. Recognising our strengths
and weaknesses, we will be reviewing the support we provide for older people in Lambeth
and addressing any gaps in our range of services and our delivery model. Our core contract,
the Independent Living and Carers. Partnership wth Lambeth Council, will be out to tender
for a new contract commencing April 2025 and this will influence the work on our new
strategy.
Our thanks...
Our partners in Lambeth Council and Lambeth Together. Adult Social Care. and Public
Health for their continued support for us and our partners in Connect Lambeth. Lambeth
Councillors for signing up to the Age-Friendly Communities, and committing to becoming an
Age-Friendly Borough and we look fopavard to working with the Council on Ihis.
We would also like to thank Kim Connell, Deputy Chief Executive. Simon Lincoln, Head of
Finance and Resour￿$, our System Leads. staff, and volunteers for their amazing work
during the year. Without their dedication. so many residents would be signific2ntly worse off
struggling with the impact of the cost of living crisis.
Yawar Choudhry
Paul Coles
Chair
Chief Executive

Trustees, Officers, and Professional Advisors
Served in the year April 2022 to March 2023
Registered charity name
Age UK Lambeth
Principal office and regISte￿d office
International House
Canterbury CreS￿nt
London
SW9 7QE
Charity registration number
1063497
Company registration number
03252067
Trustees
Yawar Choudhry {Chair)
Kate WoollGombe
Colin Adamson (Vitrchair)
Uzema Ahmed
Owen Davies
Bemard Nawrat
Aaron Cue
Huw Herrity
Abby Lilly (appointed 28th November 2022)
Colleen Wong (appointed 28th November
2022)
Prabhat Kumar (appointed 28th November
2022)
Emma Paterson {appointed 28th November
2022)
Finance & Risk Sub Commlttee
Huw Herrity (Chair)
Bernard Nawrat
Kate Woollcombe
Abby Lilly
HR Sub Committee
Bemard Nawrat (Chair)
Owen Davies
Huw Herrity
Emma Paterson
Prabhat Kumar
Ops Sub<ommittee
Colin Adamson (Chair)
Aaron Cue
Colleen Wong
Emma Paterson
Senior Offic•rs
Paul Coles (CEO)
Kim Connell {Deputy CEO)
Simon Lincoln (Head of Finan￿ &
Resources)
Auditor
Bankers
Goldwins Limited
75 Maygrove Road
West Hampslead
London
NW6 2EG
Metro Bank PIC
Clapham High Street
65-67 Clapham High Street
London
SW4 7TG
Natwest Bank PIC
504 Brixton Rd
London
SW9 8EB

Annual Report of the Trustees
The trustees present their report and the audited financial statements for the year ended 31
March 2023. The financial statements comply with current statutory requirements, the
Memorandum and Articles of Assoaation, and the Statement of Recommended Practi￿ -
Accounting and Reporting by Charities: SORP appIl￿ble to charities preparing their
accounts in accordance with FRS102.
Directors, Report
The Directors present their report for the year ended 31 March 2023.
Reference and administrative details
The registered name of the charity, the charity number, and the company number are shown
both on the front cover of this report and in the Trustees. Officers. and Professional Advisors
section of this report.
Objectives and activities
AUKL is a registered charity set up primarily but not exclusively for the benefit of older people
in and around Lambeth. Our Purpose is shaped by our charity objects:
preventing or relieving sickness. disease. or suffering (whether emotional, mental, or
physical):
promoting equality and diversity.
assisling older people in need by reason of ill health, disability. financial hardship,
social exclusion. or other disadvantages. and
such other tharitable purposes for the benefit of older people as the trustees may from
time to time decide.
advancing education
Our services
In alignment with our strategy. we have two elements to our service provision: Servi￿$ for
those who require care and support. and our Iheme of Ageing Well.
Care and Su
We provide a wide variety of services to support the Y￿11-being of residents in the Borough
including..
Our Gateway team, who offer initial contact, brief interventions. and signposting to
residents who call us directly or through the support we provide to Lambeth's Adult
Social Care team.
Our Adult Social ca￿ Front Door helps residents access the support they need by
signposting residents to the appropriate service in the community.

Specialist suptM)rt servi￿$ such as our Carerfs advi￿. Welfare Benefit Advi￿, the
Mycommunity Directory. and our Quality Assurance and Advice Trainer.
Social Prescribing via our Neighbourhood Wellbeing workers. and Primary Care
Linkworkers, based in primary care settings across the Borough.
Our hospital services. hospital discharge seNce. and home and settle.
Our Homemakers, and Handyfix team SUPFK)rt residents to remain in their homes
safely.
Our Befriending volunteers provide a valued Servi￿ to our older socially isolated
residents.
Our Magnolia dubs support residents dementia by providing a safe, secure space
for clients to participate in activities that stimulate their creativity.
Mysocial. our member-led service prowding activities thal support the memberfs well-
being.
Our Foot Care Servi￿ operates from Vidas.
Exerase and Socialise wnning exercise classes for older vulnerable residents building
up their confidence in venues across Lambeth.
Our short-temi interventions My Ho Ho and monthly Tea Dan￿.
Our other services include:
Our Volunteer re¢witer supports our services and volunteers.
Our campaign work on Age Friendly Lambeth.
Our fundraising team ddivers opportunities for our community to engage with us and
support our work.
Our communications team raising awareness of our work via our websites. social
media, and pamphlets, leaflets. and posters.
Our data team supporting our partners in Connect Lambeth and AUKL in
understsnding the impact of our Servi￿$.
Our Human Resource team supports AUKL in the recruitrnent. supervision. training,
and retention of our staff.
Our Finance team.
Our Ageing Well theme is fowsed on understsnding that older people can be the solution to
some of the challenges faced by ageing. This is embodied by our Mysocial service, which
provides opportunities for members to connect with others, try new things to do, make
friends, and have opportunities to give bad( to our community.
Our campaign work on Age Friendly Lambeth was instrumental in Lambeth Council signing
up to become an Age Friendly Borough. joining a global nelwork of cities and Communities.
We look fomard to working Lambeth Council on making our Borough a great place to
grow older.
Age UK Lambeth is a member ofthe Connect Lambelh consisting ofthe Carers Hub.
Disability Advice Service (DASL), and Community Service Ne￿ork. On behaff of Connect
Lambeth, AUKL is the lead partner of the Independent Living and Care Partnership contract
funded by Lambeth Council and Lambeth Tty3ether. The contract is delivered by all members
of the consortium as well as delivery partners, The Royal Assoriation for Deaf People
providing infomiation, advi￿ and support sessions. POhWER who WO￿ with Community
Support Ne￿Ork and DASL on delivering ststutory Advocacy services for people ag￿j 16
and over in Lambeth.

Age UK Lambeth has overall responsibility for delivering and monitoring the services of
Connect Lambeth. which seeks to be a 'one-stOP-shop offering ServI￿S for older people.
people with disabilities and long-term health condrtbons. and unpaid carers of all ages.
In setting its objectives and activtties, the trustees have had due regard to the Charity
Commission's guidance on public benefit.
Retrospective
The Cost of Living crisis impacted the demand for AUKL'S services. We saw an increase in
demand for support benefits advice. We added additional support to our Neighbourhood
teams and Link Worker teams with the recruitment of a Welfare Benefits Advisor.
We had 52,369 contacts with dients during the year. the vast majority over the phone.
We had 28,428 calls to our Hdpline. in the previous years we had 12,093, up 1350/0.
Mysocial hosted over 1,100 events during the year.
The Neighbourhood teams supported 1,914 reshjents.
The Handffjx team completed over 1,469 jobs.
On 31 st March 2023. we had 266 volunteers.
The majority of our volunteers support our Myneighbour befriending service through:
Fac&to-Face Befriending visits once a week for around about an hour..
Friendship Calls for people who would prefer a regular plKJne call for conversation and
connection.
Strategically, Age UK Lambeth is part of the local Integrated Care System, Lambeth
Together. Our Chief Executive is a member of the strategic leadership team and is an active
member of the NeIgh￿urhood Wellbeing Delivery Aliance. Age UK Lambeth is at the heart
of the development of the Integrated Care System for Lambeth. influencing its development
and ensuring that the needs of older people are represented.
As ever there is a long list of people we need to thank for enabling us to provide the services
we do.
Firstly to our funders. Most of our In￿Me comes from a range of o)ntra¢ts with Lambeth
Counal Adult Social Care. We have posilive relationships wilh our (x)mmissioners, which
helps us have robust conversations about performan￿. expectations, and future
development. We are especially grateful for their ongoing support during the pandemic. I
We have also reGeived funding from City Bridge Trust. Age UK, the Emanuel Hospital
Foundation, and many others. A huge thank you to all of those fijnders.
We would like to thank our-
Partners and colleagues in the voluntary sector. especially tI￿se who are part of •
Connect Lambeth.
Volunleers whom without we would not have been able to reach as many people as
we have been able to
Trustees for their time and sound advi￿ ensure that our governance is sound but that
we are also financially stable

Our staff team whose commitrient to our core value of kindness, accepting and
adapting to change, and delivering our projects in difficutt times ensures we are
always here for our clients
And our dients whose trust in us we never take for granted.
Financial Review and Results
The year saw a continuation of the work we delivered in 2022123 with a small increase in our
income lo £3,905,861 (2022 - £3,699,105) as we were able to expand our Hospital to Home.
work over the critical winter period through a contract with the British Red Cross. Our
principal source of income continued to be through contracts with Lambeth Council and NHS
bodies (88 % ). supplemented with income from grants (50/0). trading, and donations (2 /0)
We ended the year with a surplus on unrestricted funds of £103,763 and on restricted funds
of £17,384. This meant our total funds as at 31st March 2023 were £900,108 (£791,924
L5nrestricted and £108,814 restricted) of whid) £20,000 was designated to cover the expected
costs of acquiring a new propety in 2023124 and £50,000 to fund a series of one-off staff
bonus payments in 2023124. The surplus will also enable us to cover operational costs and a
challenging fundraising and grants environment.
Risk Management
The Trustees have remewed the major strategic. busiress. and operational risks that the
Charity faces and identified key risks that are captured in the annual risk register. Risk
management is delegated to the Finan￿ & Risk Subcommittee who meet at least quarterfy
to review risk levels and take appropriate action.
The key risks identffied in the 2022123 risk register are mainly related to the current economic
climate and how this might impact local govemment finan￿5 and underfying costs. We also
identified risks associated with the acquisition of a long-temi lease for a site in central Brixton
that will act as our new Servi￿ centre. After a long period of having only an administrative
base for our services, this will provKle a ValUat￿e open door for service users at a time of
increasing demand.
These and other risks are reviewed throughout the year to determine if any new risks have
arisen and if mitigating factors are sufficAent.
Reserves
The Board of Trustees has examined the charity's requirements for reserves in light of the
main risks to the organisation. It has established a policy whereby the free reserves. ie.
unrestricted funds. not committed or invested in tangible fixed assets hdd by the Gharity.
should be at a level equivalent to three months of operating costs.
Using this definition the charity's free reserves at 31st March 2023 amounted to £771,294
{2022 - £667,531). As the charity's annual fonvard expenditure (excluding partner payments)
for 2023124 is forecast to be £2.4m the level of free reseprfes is broadly in line with the policy
(equivalent to 3.8 months).

Fundraising
During the year the total donations and income from individuals and corporates came
to £26,970 (2022 - £37,826). In addition to this. we received grants from City Bridge Trust,
Hope for Home. Emanuel Hospital Fund, the Rothesay Foundation, and the Screwfix
Foundation. We also received the following grants from Age UK National - Winter Health,
Digital Champions. Cost of Living and Dementia (MCST).
We also wanted to thank those who donated towards the Diana Kahn v￿lking programme in
memory of our previous Chair who died during the year. Diana was a keen walker so we
were pleased to be abte to use these to fund a series of healthy walks in her honour.
We are registered with the Fundraising Regulator and adhere to its Code Of Fundraising
Practice. Our fundraising events are organised by our staff members lo support the continued
work of our organisation.
We have a fundraising strategy and policies to which we are committed. We do not 'cold-
call, people for fundraising purposes. We only phone people with whom we have an exisling
relationship, or who have already given us pemiission to contact them. During the year we
did not do any str￿t collections. There have been no a)mplaints about our fundraising
activities during the year.
Structure, Governance and Management
The company's governing document is the Memorandum and Articles of Association for a
company limited by guarant￿ and not having a share capital. The liability of the members is
limited to £1. The Artides were last reviewed in February 2020. resulting in a Ghange to the
membership of the Company. This is now aligned with the current Trustees, who are also the
only members of the company.
Management of the charity is the responsibilty of the Board of Trustees which meets at least
four times a year. Trustees are recruited throughout the year and elected at the Annual
General Meeting by the members of Age UK Lambeth. Honorary Officers are also elected at
the AGM. Trustees normally serve a three-year term and are twce eligible for subsequent re-
election.
A full induction is provided for all new Trustees and ongoiro training opportunities are made
available. The Board holds regular reviews.of its skills and experients to ensure it meets the
needs of the organisation and to identfy gaps in its expertise that need to be filled.
All Trustees give their time voluntarily and receNe no remuneration from the charity. Any
expenses reclaimed from the Charity are set out in note 9 to the aC￿UnIs. The Trustees
delegate day-to4ay management to the Chief Executive, Paul Coles.
Age UK Lambeth currently uses NJC pay scales as guidan￿ for setting the saL3ries of the
Chief Executive and other management staff, as well as benthmarking against similar jobs in
the sector and the performance of the staff member.

Age UK Lambeth. Age UK, and the Age England Association
Age UK Lambeth is an independent charity responsible for its ovm policy. direction, and
funding. Age UK Lambeth is a partner of Age UK under a Brand Partnership Agreement.
which sets out the temis of the partnership between the national and local organisation. As a
Brand Partner of Age UK, we parlicipate in a shared strategy within a ne￿Ork of charities
working together to ddiver positive change with and for older people. The Brand Partnership
Agreement affords Age UK Lambeth access to national policy groups and requires us to
meet Quality Stsndards. which underpins our Charity.
We re￿1ve support in influencing and campaigning. websrte and dKJital servI￿s, infomiation
sharing, insuran￿, fvndraising, development grants. volunteering, media, and public
relations. The current brand partnership was due to end in April 2021 and work has started to
negotiate a new working arrangement wilh all brand parlners. This has proved more difficult
than expected, as it has been agreed that the network relationship with the national charty
needs to be updated and made relevant to the cu￿ent strategic context we are all working in.
This has meant a delay to the partnership agreement being agreed. therefore it was decided
to extend the existing agreement.
Age UK Lambeth contributes to the Age England Association, made up of all the local Age
UKS in England, and supports the work of Age UK by partiopating in regional and national
meetings and ne￿OrkS. We also raise policy issues that may benefit from work at a national
level. We pursue local issues raised at a national level. We provide case studies and we
arrange for local older people to act as spokespeople on national topics. We provide ideas
and input into discussions and consultations on policy matters. We receive monthly
information and updates that may be of interest to local Age UK partner Charities from Age
UK which undertakes nalional policy and Gampaigning work and to whom we can periodically
apply for modest amounts of funding for spe(xfic project work.
Directors'lTrustees responsibilities in respect of the accounts
Trustees (who are also directors of Age UK Lambeth for the purposes of (bmpany law) are
responsible for preparing the Trustees. Report and the financial statements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
Company law requires Trustees to prepare financial ststements for each financial year which
give a true and fair view of the state of the affairs of the charitable company and the group,
and of the incoming resources and application of resources. including the income and
expenditure. of the charitable group for that period. In preparing these financial statements,
the Trustees are required to:
select suitable a¢¢ounting policaes and then apply them consistently.
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements" and
prepare the financial statements on a going concem basis unless it is inappropriate to
presume that the charitable company will conb.nue in business.

Trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charitable company and enable them to
ensure that the financial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the charitable company and the group and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
there is no relevant audit information of which the charitable company's auditor is
unaware. and
the trustees have taken all steps that they ought to have taken to make themselves
aware of any relevant audit information and to establish that the auditor is aware of
that information.
Auditors
The Trustees have decided to re-appoint Goldwins Limited as the auditors for the
forthcoming year in accordan￿ with the Companies Act 2006.
Form of this Report
This report has been prepared in accordance with the Statement of Recommended Practice:
Accounting and Reporting by Charities 2015 and in acrA)rdance with the special provisions
rdating to small companies within Part 15 of the Companies Act 2006.
Approved on behalf of the Board of Trustees on 18th De￿rnber 2023 and signed on its
behalf by".
Yawar Choudhry
Chair
io

Independent Auditors, Report to the Members of Age
UK Lambeth
Opinion
We have audited the financial statements of Age UK Larnbeth ('the charitable
company,) for the year ended 31 March 2023 which ￿Mprise the statement of
financial activities. balance sheet. statement of cash flows and notes to the
financial statements. including significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law
and United Kingdom Accounting Standards. including FRS 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
In. our opinion, the financial stalements..
give a true and fair view of the state of the tharitsble company's affairs as at 31
March 2023 and of its incoming resources and application of resources for the year
then ended-,
have been properly prepared in ac(￿rdanCe with United Kingdom Generally
Accepted Accounting Practice." and
have been prepared in accordan￿ vith the requirements of the Companies Act
2006.
We conducted our audit in accordance with Intemational Standards on Audiling
(UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards
are further described in the Auditor's responsibilities for the audit of the financial
statements section of our report. We are independent of the charitable company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC'S Ethical Standard and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of
the going concem basis of accounting in the preparation of the financial
statements is appropriate.
Based on the work we have performed. we have not identified any material
uncertainties relating to events or conditions that, individually or collectively, may
cast significant doubt on the [entityl's ability to continue as a going concern for a
period of at least 12 months from when the financial statements are authorised
for issue.

Our responsibilities and the responsibilities of the trustees with respect to going
concem are described in the relevant sections of this report.
Other Inforniation
The other infonnation comprises the infomiation included in the annual report,
including the trustees. report. other than the financial statements and our auditorfs
report thereon. The trustees are responsible for the other information contained
within the annual report. Our opinion on the financial statements does not cover
the other information and. except to the extent otherwise explicitly stated in our
report. we do not express any fomi of assurance conclusion thereon.
Our responsibility is to read the other infomiation and. in doing so. consider
whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the course of the audil, or otherwise
appears to be materially misstated. If we identify such material inconsisl8ncies or
apparent material misslatements, we are required to determine whether this gives
rise to a material misstatement in the financial statements themselves. If, based
on Ihe work we have perfomed. we conclude that there is a material
misstatement of this other infomiation. we are required to report that facl.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of Ihe audit:
the infomiation given in the trustees. report, which includes the directors,
report prepared for the purposes of company law, for the financial year for
which the financial statements are prepared is consistent with the financial
slalem&nts: and
the directors, report included within the trustees. report has been prepared
in accordance with applicable legal requirements.
Matters on which we a￿ required to report by exception
In the light of the knowledge and understanding of the company and its environment
obtained in the course of the audit. we have not identified material misstatements in the
directors. report included within the trustees, reporL
We have nothing to report in respect of the following matters in relation io which the
Companies Act 2006 requires us to report to you if. in our opinion:
adequate and proper accounting records have not been kept, or returns adequale
for our audit have not been received from branches not visited by us" or
the finanoal statements are not in agreement with the accounting records and
retums., or
certain disdosures of trustees, remuneration specified by law are not made; or '
12

we have not received all the information and explanations we require for our audit.
or
the trustees were not entiued to prepare the financial statements in accordance
with the small companies regime and take advantage of the small companies,
exemptions in preparing the trustees. report and from the requirement to prepare a
strategic report.
Responsibilities of trustees
As explained more fully in the trustees. responsibilits'es statement set out in the trustees,
annual report, the trustees (who are also the directors of the charitsble company for the
purposes of company law) are responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view. and for such internal control as
the trustees detemine is ne￿SSary to enable the preparation of financial statements that
are free from material misstatement. whether due to fraud or error.
In preparing the finanrial statements. the trustees are responsible for assessing the
charitable company's ability to continue as a going con￿M, disclosing, as applicable,
matters related to going con￿rn and using the going concem basis of accounting
unless the trustees either intend lo liquidate the charitable company or to cèase
operations. or have no realistic altemative but to do so.
Auditor's responsibllities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the finan¢ial statements
as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditoffs report that includes our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit conducted in accordance with ISAS
{UK) will always detect a material misstatement when it exists.
Misstatemenls can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economiG decisions
of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non•compliance wilh laws and regulations.
We design procedures in line with our responsibilities, ouuined above, to detect material
misstatements in respect of irregularities. including fraud. The extent to which our
procedures are capable of detecting irregularities, induding fraud is set oul below.
13

Capabillty of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of
irregularities, including fraud and non<ompliance wtih laws and regulations, our
procedures included the following:
We enquired of management. which included obtaining and reviewing
supporting documentation, con¢eming the charity's policies and procedures
relating to;
Identifying, evaluating. and complying with laws and regulations and
whether they were aware of any instances of non-compliance.
Detecting and responding to the risks of fraud and whether they have
knowledge of any actual. suspected. or alleged fraud:
The intemal controls established to mitigate risks related lo fraud or
non-compliance with laws and regulations.
We inspected the minutes of meetings of those charged with governance.
We obtained an understanding of the legal and regulalory framework that
the charity operates in. focusing on those laws and regulations that had a
material effect on the financial statements or that had a fundamental effect '
on the operations of the charity from our professional and sector
experience.
We reviewed the financial statement disclosures and tested these to
supporting documentation to assess compliance with applicable laws and
regulations.
We perfom)ed analytical procedures to identify any unusual or unexpected
relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of wntrols,
we tested the appropriateness of joumal entries and other adjuslments,
assessed whether the judgements made in making accounting estimates
are indicative of a potential bias and tested significant transactions that are
unusual or those outside the normal course of business.
Because of the inherent limitations of an audit. there is a risk that we will not
detect all irregularities, including those leading to a material misstatement in the
financial statements or non-compliance with regulation. This risk increases the
more that ¢omplian¢e with a law or regulation is removed from the events and
transactions reflected in the financial statements. as we will be less likely to
become aware of instances of non-compliance. The risk is also greater regarding
irregularities occurring due to fraud rather than error. as fraud involves intentional
concealment. forgery. collusion. omission or misrepresentation.
14

A further description of our responsibilities is available on the Financial Reporting
Council's website at: vrfw.frc.o
.uklauditorsres
onsibilities.
Use of our report
This report is made solely to the charitable company's members. as a bi)dy, in
accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has
been undertaken so that V￿ might state to the charitable company's members those
matters we are required to stste to them in an auditorfs report and for no other purpose.
To the fullest extent pem)itted by law, we do not accept or assume responsibility to
anyone other than the charitable company and the charitable company's rrEmbers as a
body, for our audit work, for this report. or for the opinions we have formed.
Anthony Epton {SenÈor statutory auditor)
for and on behalf of
Goldwins Limited
Statutory Auditor
Chartered Accountants
75 Maygrove Road
West Hampstead
LONDON. NW6 2EG
Date: 21 December 2023
15

Age UK Lambeth
Statement of finan¢ial activities
{incorporating an income and expenditu￿ account)
For thg
arended 31 March 2023
Unrestri¢ted Restricted
funds
funds
2023
2023
Total
funds
2023
Total
fvnds
2022
Income from:
Donations
Charitable acty'vities
Other trading activities
Investment income
).880
3,683,495
26.356
2.Crf)8
12.969
63.849
115.956
130.153 3.813.648 3,560.422
26,356
22,622
2.008
105
Total incom•
3.762.739
143 122 3 905 861 3.699 105
Exponditur8 on:
Raising funds
Charitable acb"vities
2.549
3.656.427
2.549
3,233
125.738 3.782.165 3,500,750
Total expenditure
3.658,976
125.738 3.784.714 3.503,983
Net income for th• year
103.763
17.384
121.147
195.122
Nat mov8ment In funds
103.763
17.384
121.147
195.122
R•eonciliation ol funds:
Total funds brought fo￿ard
687.531
91.430
778.961
583.839
Total funds carried forward
17
108 814
778 961
Al of the above results are derrved from conb"nuing activitie5.
There were no other recognised gains or losses other Ihan fv)se ststed 8tove.
The attached notes fomi p8rt of these financial statements.
16

Ag? UK Lambeth
Balance sheot
As at 31 March 2023
2023
2023
2022
2022
Fixed assets:
Tangible assets
Investrnents
12
13
18.822
18.872
50
Curront assets:
Debtors
Cash at bank and in hand
14
423.420
831,838
1255358
718,915
418.934
1.137.849
LiabIliti￿.
c￿dItors. amounts falling due ￿ar
15
373,094
357,483
Net current assets
882,164
780,366
Provision for liabilit￿S
(9281
(1.455)
Total net assets
778 961
Funds
Restricted funds
Unrestricted funds-.
Dest9nated funds
General funds
Totsl unrestricted funds
17
108.814
91,430
70.000
721.294
20,000
667.531
791294
687,531
Total funds
778 961
Approve
18 December 2023
bythetru51eeson................................ ...andsignedontheiTbehalfby.
Yawa
Trustee
oudhry
Company registration no. 03252067
The attached notes fomi part of the statements.
17

Age UK Lambeth
Statemenl of cash Ilows
For the year ended 31 Mar¢h 2023
2023
2023
2022
2022
Net eash provided by l (used in) operating activities
18
432.568
172.577)
Cash flows from investing activities-
Interesv ￿nu dividends from inveslments
Purchase of property. plant and equipment
2.008
21.672
105
Cash provided by l (used in) investing activities
(19,6641
105
Change in cash and cash equivalent5 in the year
412,9
172.472)
Cash and cash equIva￿ntS at Ihe beginning of the JEar
418,934
491.406
Cash and cash •quival•nts at the end of tho yoar
19
18

Age UK Lambeth
Notes to the finan¢ial statements
For the
ear ended 31 March 2023
Accounting policies
a) Ba$ls of preparation
The financial statements have been prepared in accordance wth Accounb"ng and Reporting by
Charities.. Statement of Recommended Practice applicable to charities p￿paring their accounls in
accordance with the Financial Reporting Standard app1Th￿e in ihe UK and Republic of I￿land
{FRS 102- effective 1 January 2015)- (Charities SORP FRS 102) and the Companies Art 2006.
The charitable company meels the definrfton of a publK benefft enlty under FRS 102. Assets antj
liabilities are initially recognised at hisl¢yical cost or transaction value unless olherwise stated in
the relevant accountiThJ policy or note.
b) G¢lt)g ¢onc¢m
The trustees consider that there are no material uncertsinties about the charitable companys
ability lo contsnue as a going corKem. The trustees do not consider that there are any sources of
estimation uncertsinty at the reporting date that have a S￿nifiCant risk of Causing a material
adjustment to the CaT￿ng amounts of assets and hats'lities Iwthin the next reporting perKA.
c) Incorne
Income is recognised vthen the charity has entiuement to Ihe fijnds. any perfomiance conditions
attached to the income have been met. it is probab￿ that the income will be weived and that the
amount can be measured reli&4y.
d) Donation$ of gifts. sefvices and fxiliti•s
Oonate¢J professional serwces and donated facilits.es are recognised as income when the charity
has control over the rtem or received the seNi¢e. any con¢Jiti¢)ns associated wth the donab.on
have been mel. the receipt of economic benefit from the use by the charrty of the item is probable
and that economie benefrt can be measuretl reliabty. In accordance wth the Charitses SORP
IFRS 1021. volunteer lime is not recognised so refer to the ITUStees' annual reryjrt for more
infofmation about their contribution.
On receipt. d¢y)aled gffts, wofessional serwces and thjnated faalities are recognised on the basis
of the value of the gift to the charity is the amount the charity would have been willing to
pay lo obtain 5eTvKe5 or facililies of equivalenl eCOn￿1C benefil on the open Market; a
corresponding amount is then recognised in expenditure in the perioNJ of re¢eipt.
el Intèrest receivable
Interest on funds held on dewjsit is fftduded vthen receivable and the amount can ￿ measured
reliably by the charity,. this is normally uwn noltfication of the interest paid or payable by the bank.
fj Fund accounting
Unrestriclecl funds are available lo spend on aCti￿"be$ that further any of the purposes of charity.
Oesunated funds are UnreStr￿ted fvnds of the charity vthich the trustees have decided at their
dIsC￿tion to set aside to use for a specthc purpose. Restn"cled fund5 are donab.ons which the
donor has Specified are lo k solety ¥Jsed for parts￿lIar areas of Ihe Ch￿tys work or for specific
projects being undertaken by the ¢tharity.
19

Age UK Lambeth
Notss to the financial statements
For the
ar ended 31 March 2023
Accounting policie5 Icontinuedl
9) Expenditure and irrecoverable VAT
Expendibjre is ￿CogniSed once there ts a legal or constructive obligation lo make a payment to a
third paty. it is probable that settlement will be required and the amount of the t*ligation can be
measured reliably. Expenditure is dassified under Ihe fo1th￿ng acts'wty headings..
Costs of raising funds comprise of trading costs and the costs incurred by the
charitable cornpany in inducing third parb.es to make voluntsry contributions lo il. as
well as the cost of any activrties y￿th a fundraising purpose.
Expenditure on charitable activities indudes the costs of delivering seThices lo further
the purposes of the eharity and their associate(I support costs.
Other expendilure ￿PreSents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the acb.vity for which the expenditure was
incurred.
h) Allocation of support costs
Support costs are those functions that assist the th of the tharrty but do not dI￿¢￿Y undertake
charitable activities. Support costs include back office costs, ffinance and governance costs which
support the Trusf 5 charitsble acti￿tIes. These ￿$ts have been all￿ted bets￿￿ cost of raising
funds and expendiiure on charitable activities.
il Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £1.0￿. Depreciation is
provided al rates calculated to write down the cost of each asset to its ests"mate(I residual value
over its expected useful life. The depreciab.on rates in use are as folk)ws".
Fixtures and T￿IngS
straight line basis over 4 years
Equipment
straight line basis over 4 ￿arS
jl Debtors
Trade and other debtors are recognised ai the setdemenl amount due after any trade discount
offered. Prepaymenis are vaiued at the amount prepaKJ net of any trade discounts due.
k) Cosh at bank and in hand
Cash at bank and cash in hand indu¢Jes cash and short term hNJlty liquid investments *hilh
short maturity of three monihs or Jess from the date of acquiyb.on or opening of the deposit or
similar account.
l) Crediti>rs and provisions
Creditors and provisions are recognised where Ihe charity has a present oblNJation resulting from
a past event that will probably result in the transfer of funds to a third p8ty and the amount due to
setue the obligation can be measured or estimated reli*y. c￿ditOrS and provision5 are nomal
recognised al their setuement amount after allowng for trade discounts due.
ml Finan¢ial Instruments
The charity only has financial assets and f4nancial liabilities of a knnd that qualfy as basic financial
instruments. Ba￿¢ financial instruments are initially recognised at transaction value and
subsequently measured al thwr sethement value with the excepts.on of bank loans vA)i¢h a
subsequently measured at amorti5ed cosl us￿9 the effeth.ve inlerest method.
20

Age UK Lambeth
Notes to the financial statements
For the
ear ended 31 March 2023
Detailed comparatives for the ststement of financial activities
Unres¢rictsd Restrict
funds
fvnds
2022
2022
Total
funds
2022
Income from..
Donations
Ch8ritable activities
Other Irading actm.ties
Investrment income
115.956
3.404.220
22.622
105
115,956
156.202 3,560,422
22.622
105
Total income
3.542.903
156,202 3,699.105
Exp¢nditur• on:
Raising funds
Charitable ￿tiVthS
3.233
3,333.838
3,233
166,912 3.500.750
Total expenditure
3.337.071
166.912 3,503,983
Net income l {expenditure) for th• ye
205.832
(10.7101
1￿,122
Net movement in funds
205.832
(10.7101
195,122
Reconciliation of funds-
Total funds brought forNrdrd
481.699
102.140
583.839
Total funds ¢arrled forward
21

Age UK Lambgih
Notes to tho finan¢lal Statements
For the year ended 31 Maich 2023
3 Incomo from Donatlons
Unrestricted Restrl¢ted
2023
2023
Totsl
2023
Total
2022
Age UK
Desmond & Dempsey
HMRC Coronamrus Job Retention Scheme
Judith &"ng Legacy
S¢rewfix Foundation
The Department for Woth and Pensions
Bequest from late Diana Kahn estate
Other donatKJn$ and grants
4.936
4,181
4.319
9.255
4,181
17.766
7.868
8.756
5.000
5,000
36.642
3,000
5.771
36.642
72.259
3,000
650
5.121
9.307
115 956
4 Incom• from charitable a¢tivities
Unrestrlcted Restricted
2023
2023
Total
2023
Total
2022
L B Lambeth - ILCP ser￿es
Other COMM￿lty services
1.551.195
2.132.3CKI
1,551,195 1.555,195
130.153 2.262,453 2.005.227
130 153 3813648 3560422
5 Income from investments
Unrestricted Restricted
2023
2023
Total
2023
Total
2022
Bank interest
2.CX)8
2.008
105
105
6 Incom• from other trading a¢tivities
Total
2023
Total
2022
2023
2023
Other income
26.356
26,356
22,622

Age UK Lambeth
Forth•
ar*nd*d 31 hlaffjh 202J
7 Anatys15 ofowndIture currnnty•ar
Cts*is Tatsl 2023 Tal￿ 2022
DirKt cosls
Stsff ¢ostS
Audrt l¢¢s
CoMmun￿a￿S ar￿ IT
Consuhancy
Fundraisiry cost5
Oth81 expensfjs
Premises costs
1.337.681
1.811270 392.79J
1,J37,£I1 1233,426
2,￿.060 1.￿?.410
5,40U
43,ts6
4S.988
3.233
138.ffi3
52.397
Siaff IIT
DireLI
31.313
13.419
44.73Z
Oirect
Staff l¥ne
2.S19
133.125
51257
125.013
43.359 8.￿9
1549 1353.566 42&19
3.n4.714 2￿.993
tsLVp￿ Costs
423.199 {4211991
{S.4
Toi*lèAp•nditure 2023
1549 3.n1165
J.784714
Tot•l¢xpend6trJr• 2D22
3233 3,5NJ.750
1503383
Ofihelol* expenthuTe£125,738*3sre5trthd (2022." £166.912)*£3.65B.976**1th*stri￿ (2022 £3.337.O71}.
23

Ag• UK LAMb#th
Notes to the financialstaternents
Forthe
earendfjd 31 MJr¢h IQZJ
7 Ana￿&￿01 pvtoryear
DilÈ¢l ¢ostS
Staff costs
Auditf*èg
Commun1CatW￿￿ tr
Consuttancy
Fundtaising costs
Other expenses
Premises co$16
1.233.426
1.ns.021 251.3B9
1.2J3.426
1.902.410
Staff trne
35.656 72C
3.233
J.233
138,043
52.397
1Jl.
Floor*￿7
6.77S
J233 32t4A11
280.839 (￿.839}
(5.4fp)}
Tot•l•xpqrtditur*2022
3333 3.S(*A7&)
3,503,883
24

Age UK Lambeth
Notss to thè financial statements
For the year ended 31 March 2023
Net income l {•xpenditur•) for the year
Thi5 is Stated after thar9ing I luethlirg)..
2023
2022
Depreciation
Auditorfs remuneration:
Audit fees
2.850
Analysis of staff costs. trustea rwnuneration and expenses. and thè cost of key management
personn•l
Stsff costs were as follovts:
2023
2022
Salaries and wages
Social security costs
Employerfs contribLrtion to defined contribution pension schemes
1.948,794 1,771,119
170.210
137.670
85.056
69.621
2 204 060 1978 410
None of Ihe eM￿￿oYeeS receiv&J employee beneffts in eX￿S of £60,000 during the ￿aT (2022: None).
The lotsl employee ber*frts induding pension contn"bulions of the key management personnel were
£153.26212022.. £49.441)-
The charity trustees were not paid or received any other benefits from empkI￿ent wth the ¢harity in
the year (2022.. £nil} neither were they reimbursed expenses during the year {2022.. £nill. No charity
tru51ee received payment for professional or other semces supplied to the charity12022.' £nill.
Staff numbers
The average number of emplo￿$ (head count based number of slaff employed) during the y
was 82 (2022.. 125).
10 Taxation
The charitable company is exempt from corporation tsx as all its income is charitable aNJ is applied for
charitsble purposes.
11 Pension scheme
Defined contribution
lan
The amount wogrNsed as an expense ffi relaticffl to defined rthtribLrtion plans wa5 £85,05612022..
£69,621}.
25

Age UK Lambeth
Notes to the financial statements
For the yoar ended 31 March 2023
12 Tangible fixed a$$•ts
Fixtures.
Motor Filtings and
Vehicles Equipment
Total
Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
5.400
20.200
45.287
1,472
50,687
21,672
25.600
46.759
72.359
Depre¢iation
At the stsrt of the year
Charge for the year
Al the end of the year
45,287
50,687
2,850
53,537
2,850
8,250
45,287
Not book value
At the end of the year
Al the start of the year
All of the above assets are used for tharitable purposes.
13 Flxod ossèt Investments
2023
2022
Other
50
50
50
50
14 Debtors
2023
2022
Trade debtors
Prepayments and xcrued In￿Me
Other debtors
389.748
32.472
1.200
423 420
554.098
164.817
15
26

Age UK Lambeth
Note$ to the financial s&itements
For the year ended 31 March 2023
15 Creditors: amounts falling due within one ye¥
2023
2022
Trade credrtors
Taxation and sooal security
Deferred income
Other creditors
Accruals
12.235
41.707
295.500
17.852
5,800
78.352
39.306
154.169
21.447
64,209
Deferred income
2023
2022
Balar￿ al the beginning of the year
Amount released to income in Ihe
Amount deferred in the year
Balance at tt)e end of the year
154,169
119.688
1154,1691 {119,688}
295,500
154.169
16 Analysis of net assots between funds
General
unrestricted ReStri￿¢d
Total
funds
Tangible fixed assets
Investsnenls
Net current assets
Defined benefit pensK)n {li8bility)
Net assets al th •nd of th• year
18.822
18.822
50
882,164
928
900 108
773.350
928
108.814
108 814
Analysis of net asséts b•tween funds for the previous year
unrestrided Restricted
funds
Investments
Net current assets
Defined benefit pension (liability)
Net assets at of the y
688.936
1.455
687 531
91.430
780,366
1.455
27

Age UK Lambgth
Motes to the financial s&itements
For the year ended 31 March 2023
17 Movèments in funds for th• current y
of the year and gains and losses
Transfers of the year
Restrict•d funds:
Liangattock Trust
City 8ridge Trust
Groundwork
Card Factory Ividasl
Age UK National- Winter Heallh
Grant
Age UK National- Digitsl
Age UK National- MCST
Emanuel Hospital Fund {21
Age UK National- Cost of LiwThJ
Response
Diana Khan - Walking Programme
Rothesay Foundati
Hope for Home
Screwfix Foundation
Emanud Hospitsl FurKI11}
84.9￿1
84,950
(53.408)
4,980
11.S)01
I2.[￿M}I
2.000
{36,0001
17.534)
{3.125}
3.125
10,CO)
10,000
7.969
6.615
3.971
5.000
7,S)O
7.969
{6,615)
13.9711
14.0851
I7.￿0)
915
Total restricted funds
108 814
Unrestricted funds:
Designated funds
General funds
20,OiX)
667.531 3.762.739 13.658.976)
,000
{9).000)
70,000
721.294
T¢)tal unrestricted funds
687 531 3 762 739
3 658 976
791 294
Total funds
778 961 3 905 861
3 784 714
Purposes of restricted furKIs
Detai15 of restricted lund5 15 gtven in the Trustees, Rep
The Llangattock Trust monies are for the relief of poverty of elderly peopk in and around Lambelh.
City Bridge Trust monie5 are for Mysocial ￿ help dder people in Lambeth to get ￿tive and stay
connected.
Gmundwork is a TfL wling and walking grant that will sum a programme of healthy walks.
Card Factory monies were to purchase a replacement oven at Ihe Vida Walsh Centre.
Age UK National monies funded a number of different prograrnmes including digital inclusicfi and
dementsa cafes.
The Emanuel Hosytsl Foundation monies are to supwt information and advice V•f)rk.
Diana Kahn monies were donated to support a new heatthy Wdlks programme.
Rothesay Foundats"on monies sUpp￿e0 the wnter theer pyografflme offering keland Vouchers to those
in need.
Hope for Home monies supported our dementia cafes.
S¢rth￿x Foundat￿ monies v*re to redeccffate ts Vida Walsh Centre.
28

4¢ UK Lambeth
Notes to the financial statemonts
For the year ended 31 Mar¢h 2023
17 Movements in funds for the previous year
of the year arKI gains and losw Transfers of the year
Restricted lunds:
Liang8tto¢k TA￿1
MY50cial
Card Factory (Vidas)
W G Edwards
Sir Jul8s Thom Charitable TnJsl
Catherine Lewis Foundation
Better C(Immunty Business
Nets•
The Schreirer Foundation
Hope fof Home
Home Instead charib.es
Energy Samng Trust
Efflanuel Hospiial Foundalion {via
Age UK National)
84.950
14.1
84,950
4,980
47.475
{56.6851
{1.500)
11,0001
12501
(995)
250
12,(w)O}
(11,9131
{8(V)I
(89.2691
{2.500)
11.913
89.269
Total restricted funds
Unr•strict•d funds:
Designated funds
General funds
20.0
I20.0￿)
20,0
667.531
481.699 3.542.￿3 13.337.071)
Total unr•strict•d furKIs
481699 3 542 9)3
3 337 071
Total lund$
3 503 983
18 R•con¢iliation of not income l (exponditur•l to net cash flow from operatrng a¢ttvities
2023
2022
Not incorn• for the reporting period
(as por the ststernent of financial activities)
Depfeaation
Loss on disposal of fixed assets
Interest, rent and dividerKls from I￿stMents
{Incre8sey decrease in debtors
Increasel Idecreasel in creditors
Nel cash provided by I (used in) opernting activities
121.147
195.122
2,850
12.(X)81
295.495
15,084
1105)
1417.7631
150,169

Age UK Larnbeth
Notes to the financial staternents
For the year •nd•d 31 March 2023
19 Analysis of cash and •quivaknts
of the year Cash Ilows
¢hangos of the year
Cash at bank and in hand
418,934
412.gm
631.838
Total ¢ash and ¢ash •quivalonts
831838
20 Legal status ol the charity
The charity is a company limited by guarantee and has no share capital. Each member is liable lo
contribute a sum not exceeding £1 in the event of the charity being %￿Und up.
21 Related party transactions
There 8re no related party transath.ons lo disclose for the year {2022.' Th)nel.
There are no donat￿nS from related parties which ¥e wtside ts normal cow5e of business and no
stricled donations from ￿lated parties.
22 Pension plan
TPT Retirement Solutions- The Growlh Plan
The company p8rtieipates in the scheme. a multi*mployer scheme whth prowdes benefits to some
950 non-associated paTb"cipating employers. The scheme i5 a defined ￿nefit scheme in the UK. It is not
possible for the company to obtain suffioent information to enabse it lo a￿Ount for the ￿heme as
defined benefit scheme. Therefore it aCC￿ts for the scheme as a defined contribulion scheme.
The scherne 15 subject to the funding legislation oudirvl in the Pensions Act 2￿4 which came into
for¢e on 30 December 2005. This. together wtlh documents issued by the Pensions Regulalor and
Technical Actuarial Stsndards issued by the Financial Reporbng Council. set out Ihe framework for
fvnding defined benefit occupat•Mal pension sthemes in Ihe UK
The scheme is cla￿fied as a 'last-man standing arraroemenf. The￿f0￿ the company is potentially
liable for other parbcipating employers. OUigat￿nS rf those employers are unable to meet their share of
the scheme deficit following wthdrawal from the scheme. Participating employers are legally required lo
meet their share of the scheme defictt on an annuity purchase basis on withdrawal from Ihe scheme.
A full actuarial valuation for the $C￿me was carried out at 30 September 2020. This valuation showed
assets of £800_3m, liabilities of £831.gm and a defficit of £31.6m. To eliminate this ￿ndIng shorttall. the
Trustee has asked the pathipab'ng employers to pay a¢klitional contn"bub"ons to the scheme as fdlows..
Deficit ￿ntributIonS
From 1 April 2022 10 31 January 2025.. £3,312.CKQ per annum Ipaydble monthly).
Unless a C(￿￿es￿on has been agreed with Ihe Trustee the lemi trj 31 January 2025 applies.
Note that the scheme's previous valuat￿￿ was carried oul with an effective dale of 30 September 2017.
This valuation ShO￿Ed assets of £794.9m. liabtlilEs of £926.4m and a deficit of £131.5m. To eliminate
this funding shortfall, the Tru51ee asked the wtiopating employers to pay 8dditional contributions to the
scheme as follows..
30

e UK Lamb•th
Notes to the financlal Statements
For the ythv end•d 31 March 2023
22 Pension plan Icontinuedl
Deficlt ¢ontrlbtstlons
From 1 April 2019 to 30 September 2025.. £11,243,000 per annum {payable monthly and increasing by
3% each on 1st fy)rill
The recovery plan conlribulion5 are aNocaled to exh parli¢ipatin9 employer in line their estimated
share of the Series 1 and Series 2 scheme liabilib"es.
Where the scheme 15 in defiat and vthere Ihe company has awd lo a deficit funding arrangement the
company wognises a lia￿lty for this oblKJalK)n. The amoLJnl recognised Ès the net present value of the
deficit reducts.on eontributiorts payatAe under the agreement that relates to the deficrt. Thè p￿sent value
is calculated using the discount rale detsiled in these disdosures. The unwnding of the discount rate is
recwised as a finance cosL
Prwnt value of prov•sion
31-Mar-23
31-Mar-22
31-MaTr21
Present Wdlue of promsion
928
1.455
6.416
Reconciliation of op•nlng and ¢105ing provisions
3141ar-23 31-M•r-22
Provision at start of pertod
Unwinding of Ihe discount faclor (interest expense)
Deficit contribUt￿n paid
Remeasuremenls - impact of any change in as5umpkns
Remeasurements- amendment5 to the contribution schedule
Promsion at eThl of period
6,416
37
{1.624)
{331
3.341
28
{5301
{25)
928
In¢ome and expenditure Impart
31-Mar-23 31-Mor-22
Interest expense
Remeasuremenls- impact of any change in assuMpt￿nS
Remeasurements - amendments to the Contribution schedule
28
{251
37
1331
13,3411
Assumptlons
31-Mar-23 31-Mar-22 31-Mar-21
% per anum Yo per anum /0 per anum
5.52
2.35
Rate of discount
0.66
The discount rates shovm above are the equivalent singqe discount rates which. when used to discount
the future recovery plan eontributions due. would give the same resuhs as using a full AA corporate
bond yield curve to discount the same recovery F4an ¢ontributions.
The following schedule detsils the deficit contribution5 agreed bethen the companyand the scheme at
each year erKI period:
Year ondlng
31-Mar-23 31-Mar-22 31-Mar-21
Year 1
1.624
1,672
1.723
1,479
Ye8r2
Year 3
Year 4
442
442
31